Tesco Embroiled In Corruption Scandal

UK retailer Tesco has been embroiled in a corruption scandal in Turkey amid allegations that its local developer bribed officials in order to receive planning permission for its new Istanbul outlet. According to a report in the Financial Times, the company's local developer made a payment of US$1mn to the deputy leader of the governing AKP in order to expedite planning permission. Although Tesco itself is not suspected of any wrongdoing, it has had to deal with considerable negative publicity, highlighting the potential pitfalls for foreign companies conducting business in Turkey, which still has a long way to go in

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